8 —Lancaster Farming. Saturday. December 11.1971 Prepare Now to Save on It’s time for taxpayers to analyze their tax liabilities for this year and to take steps to hold their obligations to a minimum, according to Samuel M. von Kummer, Chairman of the Committee on Taxation of the Pennsylvania Institute of Cer tified Public Accountants. “The government does not want anyone to pay a penny more in taxes than the law calls for,” von Kummer say, “and it expects every taxpayer to take every legitimate action to avoid overpayment. “If through ignorance of the provisions of the tax laws, however, a taxpayer fails to take all the deducations, exemptions and exclusions availabe to him, the Internal Revenue Service cannot be expected to call the oversight to his attention.” If you have had no big deductible expenses such as interest, taxes, medical bills, etc. during the year, von Kummer suggests that instead of itemizing Need . . . HAY ■ STRAW - EAR CORN Buy Now and Save! More and more farmers are buying from us for better value and all around satisfaction DELIVERED ANY QUANTITY Phone Area Code 717 687-7631 Esbenshade Turkey Farm PARADISE PA. PULL TYPE AND SELF PROPELLED WINDROWERS In addition to any tax advai money-saving reason for b 1 -Tes, ! / /CL-■■**•«£ ) ' > / *Z»*& * g *~-~~'\ Windrow*r» sold in the spring are manufactured in the fall, so Hesston has a small fortune tied up in in ventory at the factory and on the-dealer’s lot. If wo were able to put that money to work early in the year, we'd save a bundle. So when we make a special offer, we’re not being big-hearted or soft-headed, just practical. If you will buy a windrower during the fall or winter months instead of waiting until spring, Hesston will send you a check direct from the factory. It's sort of an sarly-buyer bonus for the interest money we save on a big equipment Inventory. The earlier you buy, the mors you save. The table shows the amount of the check for the model and month. You gain in another way, too. The earlier you buy, the more likely your Hesston dealer is to add a little something extra to the deal. Ask about Hetslon’s Interest Wavier Plan that pays the Interest on Hesston Hay Equipment unt* May 1,1972 If you’re looking for a better deal on windrowers, [jgjjslffPOi Hataton it turning haying into a one-man world! MILLER'S REPAIRS Ifctf-foHibd. P*i 8 Miles-East of Lattc*ster Phone 717-C56-7921 deductions you consider taking the standard deduction, which is 13 percent of adjusted income, with a maximum deduction of $1,500. But if you have sizeable deductions in 1971 and do not expect the same in 1972, it might be to your advantage, he says, to itemize your deductions this year and take the standard deduction next year, especially since the standard deduction will rise in 1972 to 15 per cent of income, with a maximum'deduction of $2,000. If you decide to take this route, von Kummer advises, it is wise to pile as many deductible expenses into this year as you can. Ways of doing this would include, for example, paying medical bills now rather than waiting until after the first of the year, pre- taxes and interest charges, and making 1972 charitable contributions early. By alternately itemizing deductions one year (and “bunching” deductible expenses , <**«<* ' we’re ready to deal now! in that year) and then taking the standard deduction the next year appreciable savings can be made by taxpayers in the lower and middle brackets. Von Kummer says taxpayers should also give attention now to any profits or losses they may have had on the sale.of securities or other assets during the year. He points out that taxpayers ordinarily seek to hold property for more than six months in order to qualify for the long-term capital gain tax treatment, less costly than taxes on ordinary income and on short-term (less than six months) capital gains. But if there is going to be a loss on the sale, it may be preferable to take a short-term loss because it can be offset, dollar-for-dollar, against ordinary income, whereas long-term losses can be offset only at the rate of two dollars of loss for one dollar of income, with a maximum one year deduction of $l,OOO. Both long-term and short-term losses in excess of the deductible maximum can be offset against income in subsequent years. Ill" I'll “Please hold your ques tlons until I’ve finished!” itage there’s a sensible, lying a windrower now- a cash bonus ifor early buyers! aMfcm Bes 838 My Neighbors Taxes Losses on the sale of securities can be applied to 1971 income if the sales are made at any time before next January Ist. However, for capital gains to be applied to this year, the sale— unless it’s for cash—must be made, the CPA Chairman warns, in time to allow five trading days for the transaction to clear. Von Kummer advises self employed individuals who have been thinking of setting up a personal retirement plan to consider taking the step now, in order to get the tax-deferred benefit of such plans this year as well as in 1972 and subsequent years. y As much as 10 per cent of earned income, up to a limit of $2,500 may be put-aside in ap proved retirement funds, and the tax on such amounts postponed until after retirement when, presumably, the self-employed individual will be in a lower tax bracket. For good production next lactation, FEED PURINA DAIRY CONDITIONER As a dairyman, you know that good milk production doesn’t just happen. It’s something you plan for by establishing a herd with the genetic potential for good production, then managing and feeding your cows so they’ll produce up to their bred-in ability. Many successful local dairymen also plan for good pro duction with a proven program of dry cow feeding. They need Purina Dairy Conditioner, a research proven ration to help give dry cows body condition they need for good production after they freshen. Purina Dairy Conditioner is an extra-palatable 12% percent protein ration It’s fortified with vitamins A and D plus extra phosphorus to help guard against milk fever. Purina Dairy Conditioner is low-cost, too, because the amounts you feed depend on your cows’ condition and on the quality of the roughages you feed. For example, a cow dried off in good condition being fed high-quality roughages would require less Dairy Conditioner than a cow in only fair condition being fed fair quality roughages. John J. Hess, 11, Inc. Ph: 442-4632 Paradise West Willow Farmers Assn., Inc. Ph; 464-3431 West Willow John B. Kurtz Ph: 354-9251 R. D. 3, Ephfata Drop in soon and get your free copy of the Purina Dry Cow Program folder. We’ll be glad to show you how Purina Dairy Conditioner can help you prepare your dry cowsJEor good pro duction next lactation. Firm Fined for Violating Federal Meat Inspection Kaplan’s Prime Meats, Inc., 982 N. Delaware Ave., Philadelphia, and its vice president, Ralph Kaplan, were fined a total of $2,100 for violating the Federal Meat Inspection Act in U.S. district court action in Philadelphia recently. The meat processing firm and its official were fined after they pleaded guilty to allowing non federally inspected meat in the federally-inspected plant, and to later removing official retention tags from some of that product and repacking it in cartons bearing the federal inspection mark. Kaplan was fined $2OO on each of the three violations, and the firm $5OO on each. Three other charges were not prosecuted. xxx Funds spent by the U.S. Department of Agriculture are often used for non-farm programs such as free lunches at schools in urban areas. Ira B. Landis Ph: 394-7912 1912 Creek Hill Rd., Lane. James High & Sons Ph: 354-0301 Gordonville Wenger's Feed Mill Inc. Ph: 367-1195 Rheems
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